Date Requested: January 31, 2015
Time Requested: 11:43 AM
Agency: Tax Department, State
CBD Number: Version: Bill Number: Resolution Number:
2007 Introduced HB2558
CBD Subject: Tax


FUND(S):

General Revenue Fund

Sources of Revenue:

General Fund

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    The stated purpose of this bill is to provide a $500 tax credit to volunteer firefighters who have worked for a volunteer fire department at least 500 hours during the tax year.
    
    Passage of this bill would result in a loss to the General Revenue Fund of roughly $3.3 million per year beginning in FY2017. Due to the lack of an internal effective date, the credit would not become effective until Tax Year 2016.
    
    Additional administrative costs to the State Tax Department would be roughly $15,000 in FY2016 and $10,000 per year in subsequent years.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2015
Increase/Decrease
(use"-")
2016
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 15,000 10,000
Personal Services 0 10,000 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 5,000 0
2. Estimated Total Revenues 0 0 -3,300,000


Explanation of above estimates (including long-range effect):


    Passage of this bill would result in a loss to the General Revenue Fund of roughly $3.3 million per year beginning in FY2017. Due to the lack of an internal effective date, the credit would not become effective until Tax Year 2016.
    
    Additional administrative costs to the State Tax Department would be roughly $15,000 in FY2016 and $10,000 per year in subsequent years.
    



Memorandum


    



    Person submitting Fiscal Note: Mark Muchow
    Email Address: kerri.r.petry@wv.gov